Shares of United Maritime Corp. dropped 22%, to $3.41, on Wednesday, extending a two-day decline.
The company said Tuesday that it is offering between 1.3 million and 5.3 million units of the company as it looks to raise proceeds for general corporate purposes. Shares closed at $4.37, down about 38% from Monday’s close of $7.08 a share.
Shares also fell Monday following news that the company agreed to purchase a fleet of four tanker vessels.
United Maritime was spun off from Seanergy Maritime Holdings Corp. and began trading on Nasdaq on July 6. The stock opened on that day at 80 cents.